ACNoDEFHKMNTransaction010204056(a)6(b)6(c)7(a)7(b)08091011(a)11(b)11(c)11(d)CashContributions Without Donor RestrictionsGrants ReceivableTuition and FeesMembership DuesPayable to ArtistsCashInvestment Income Without Donor RestrictionsInvestment Income With Donor RestrictionsGrants ReceivableContributions Without Donor RestrictionsRent ExpenseContributions Without Donor RestrictionsSalaries and Benefits ExpenseUtilities ExpensePrinting and Postage ExpenseMiscellaneous ExpenseCashGeneral JournalPrepaid ExpensesAccounts Payable and Accrued ExpensesCashShort-Term InvestmentsEquipmentCashNet Assets Released Satisfaction of Purpose Restriction WithCommunity Art EducationCashDepreciation ExperiseNet Assets Released Satisfaction of Purpose Restriction WitExhibition ProgramCommunity Art EducationNet Assets Released-Satisfaction of Purpose Restriction WithManagement and GeneralFund-RaisingNet Assets Released Satisfaction of Purpose Restriction WitRent ExpenseSalaries and Benefits ExpenseUtilities ExpensePrinting and Postage ExpenseMiscellaneous ExpenseDepreciation ExperisePayable to ArtistsCashContributions Without Donor RestrictionsMembership DuesTuition and Fees333333Commission RevenueInvestment Income Without Donor RestrictionsNet Assets Without Donor Restrictions>>>Exhibition ProgramCommunity Art EducationManagement and GeneralXInvestment Income With Danor RestrictionsNet Assets With Donor Restrictions333>>0033333333Net Assets Released-Satisfaction of Purpose Restriction-WithoNet Assets Without Donor RestrictionsNet Assets With Donor RestrictionsNet Assets Released Satisfaction of Purpose Restriction WithDebit63,4601,9945.20019,30048,2003.2101,4407703,5602,9652,9659659651,7729,71245,96116,9357,1042,4288992,7272,7272,727Credit21,3815,9007,10416,9359,7126991.2955,28019,300970 X2.7793.5502,9652,9659559569,7122.7272,727 ART LEAGUEPost-closing Trial Balance -June 30, 2022CashShort-term InvestmentsGrants ReceivablePrepaid ExpenseEquipmentAllowance for Depreciation-EquipmentLong-Term Investments-With Donor RestrictionsAccounts Payable and Accrued ExpensesNet Assets Without Donor RestrictionsNet Assets With Donor Restrictions-ProgramsNet Assets With Donor Restrictions-Permanent EndowmentTotalsDebits$ 2,56013,4115,9001,2559,9955,897$39,018Credits$ 2,5562,7799,14118,6455,897$39,018Following is Information summarizing the transactions of the Art League for the year ended June 30, 2023.1. During the year, cash was received from the following sources: grants that had been reported as a receivable on June30, 2022, $5,900; annual contributions without donor restrictions from fund drives and other unrestricted gifts, $21,381;membership dues, $16,935; tuition and fees for educational workshops, $7.104; and sales of members' art. $12,140, ofwhich 20 percent represents commissions earned by the Art League.2. Interest earnings were as follows: Interest on Investments without donor restrictions totaled $699; Interest onInvestments restricted for programs totaled $938; Interest on Investments in the permanent endowment totaled $357(these Investment earnings are restricted for program use).3. A grant receivable of $5,280 was recorded at year-end on a grant to complete and deliver a survey of art programs.conducted in the county (the grant was determined to be an exchange transaction). The $5,280 the Art LeagueInvoiced related to work done this year.4. The Art League receives free rent from the city at an estimated value of $19,300 a year.5. Expenses incurred during the year were as follows: salaries and fringe benefits, $48.200; utilitles, $3,210; printing andpostage, $1,440; and miscellaneous, $770. As of year-end, the balances of the following accounts were PrepaidExpenses, $970, and Accounts Payable and Accrued Expenses. $2.941.6. During the year. $3,550 of short-term investments were sold, with the proceeds used to purchase two computers and aprinter at a cost of $2,965. The resources used were restricted for the purchase of equipment7. in accordance with the terms of the Art League endowment, Income earned by the endowment was used to providefree art Instruction for children with disabilities at a cost of $955. This amount was allocated to community arteducation.8. Depreciation on equipment in the amount of $1,772 was recorded.9. Expenses for the year were allocated 30 percent to Exhibition Program, 30 percent to Community Art Education, 25percent to Management and General Expenses, and 15 percent to Fund-Raising.10. Proceeds of art sales, net of commissions charged by the Art League, totaled $9.712. This amount was paid to memberartists during the year.11. All nominal accounts were closed at year-end.

Rectification of errors: In the accounting the rectification of errors are rectified with the help…

01 02 03 Cash Contributions Without Donor Restrictions Grants Receivable Tution and Fees Membership Dues Payable to Artists Cash Investment Income Without Donor Restrictions Investment Income With Danor Restrictions Grants Receivable 000000 63,460 1,994 5.200 21,381 5,900 7,104 16.935 9.712 699 1.296

01 02 03 Cash Contributions Without Donor Restrictions Grants Receivable Tution and Fees Membership Dues Payable to Artists Cash Investment Income Without Donor Restrictions Investment Income With Danor Restrictions Grants Receivable 000000 63,460 1,994 5.200 21,381 5,900 7,104 16.935 9.712 699 1.296

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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